Treasury Department Issues Final Rule for Use of Coronavirus State and Local Fiscal Recovery Funds

On January 27, 2022, the Treasury published a final rule (the “Final Rule”) (codified at 31 CFR 35), available here, implementing Sections 9901 and 9902 of the American Rescue Plan Act of 2021 (P.L. 117-2) (“ARP”) which established the Coronavirus State and Local Fiscal Recovery Funds (“SLFRF”).  Under SLFRF, Congress appropriated $350 Billion in SLFRF funds to be administered by the Treasury to provide state, local and Tribal governments (“Recipients”) with the resources needed to respond to the pandemic and its economic effects and to build a stronger, more equitable economy during the recovery.  Read More.